Al Khalili Group and Tibiaan Properties have signed a Memorandum of Understanding (MoU) to collaborate on a unique $100mn project portfolio with high-end residential, commercial and retail components. Developed in response to the growing demand for luxury properties and to capitalise on the continued interest of domestic and international investors in Oman, the first phase of the partnership between Al Khalili and Tibiaan will comprise of 67 exclusive villas with private pools set on strategic locations in Muscat starting with a unique development on the Al Athaiba beachfront. This will be followed by a series of sophisticated retail, leisure and lifestyle assets including a boutique shopping mall offering a refined range of retail experiences.
Speaking at the signing of the agreement held at The Chedi Muscat, Sheikh Qais Al Khalili chairman of Al Khalili Group said: “We are inspired by the tremendous possibilities of this collaboration, our first build to sell venture. The magnitude of the multi-faceted portfolio we have created with Tibiaan, real estate specialists of the highest standing, is a sign of our confidence in the real estate market’s unlocked potential, its strong prospects for growth, and of course Oman’s immense appeal as an investment destination. With a vision of creating value for the Sultanate as it transforms its economic base, Al Khalili Group will leverage its construction experience to deliver properties and real estate projects of distinction and unsurpassed value, built on an uncompromising dedication to quality and with an unrivalled design aesthetic.”
Representing Tibiaan Properties at the ceremony was CEO Fahad Al Ismaili who commented: “It is with tremendous pleasure that Tibiaan joins its real estate expertise with the trading prowess of Al Khalili Group, one of the most highly respected and trusted companies in Oman. With this agreement we have forged a relationship founded on a joint and unwavering commitment to excellence, and to the development and progress of our nation. We look forward to the success of our combined efforts as we realise the aspirations of today’s sophisticated homebuyer. We look forward to delivering exceptional high-yielding commercial opportunities that meet the ambitions of discerning companies and high net worth individuals attracted by Oman’s robust prospects for growth, reputation for stability, and dynamic diversification strategy.”
The exceptional Al Athaiba beach villas and trailing projects of the first phase of the USD100 million development undertaking will be available for off-plan purchase later this year. Demand is expected to be intense. Options to buy and lease further elite residential, tourism and commercial properties will be made available shortly thereafter.